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GM posts $4 billion third-quarter profit thanks to trucks and SUVs

DETROIT — General Motors is posting huge third quarter numbers, pulling in $4 billion in profit over three months after losing money due to the virus outbreak. GM's adjusted earnings were $2.83 per share, easily outpacing Wall Street's per-share projections of $1.43, according to a survey by FactSet. Revenue of $35.5 billion also edged out most expectations. Shares jumped almost 6% before the opening bell Thursday. The company swung back from a $806 million loss in the second quarter, when it was restarting factories shuttered for safety during the early stages of the pandemic. The Detroit automaker joined most global automakers in reporting better-than-expected earnings from July through September as sales across the globe started to rebound from coronavirus lockdowns, especially in China. GM sales in China jumped 12% in the third quarter, with sales of its Buick and Cadillac brands both rising more than 25%. In the U.S., GMÂ’s most profitable market, sales fell 9.9% in the third quarter compared with a year ago, but were a dramatic improvement over the 34% drop in the second quarter. Sales improved sequentially each month, the automaker said, an encouraging trend. GMÂ’s profit was boosted by higher-priced pickup trucks and large SUVs, which have seen strong sales in the U.S. through the pandemic. It was the best quarter on record for GM's Chevrolet Blazer. Sales of the Cadillac XT6 spiked 45% in the U.S. over last year. Large pickups also sold well. GM also said it was pumping $2 billion into its Spring Hill, Tennessee manufacturing plant to push its transition to produce electric vehicles. Last week, crosstown rivals Fiat Chrysler and Ford reported strong third-quarter net income. FCA said it made $1.4 billion for the period, while Ford earned $2.39 billion. Related Video: Earnings/Financials Buick Cadillac Chevrolet GM GMC

Liberace's gilded Cadillac could be yours

With their chrome grilles and oversized wheels, it's hard not to notice a Cadillac these days. But this one is even more blingtastic on account of the 23.75-karat gold-leaf bodywork.
The 1931 Cadillac Golfer's Drop Head Coupé is said to have belonged to the inimitable performer Liberace, who didn't just have it covered in gold - he also had the exterior door handles plated in silver and the inside handles in 24-karat gold as well. It's also got a white leather interior and headlights that - well ahead of their time (if you'll pardon us, Mr. Tucker) - pivot with the steering wheel. All that bling is powered by a 5.7-liter V8 mated to a three-speed automatic transmission that pales in comparison to the seven, eight and even nine-speed gearboxes appearing on luxury sedans today.
The project was undertaken over the course of three years in the 1970s by one Jack Smith from Kansas. Smith (if that was his real name) sold it at auction in 1975, and it was most recently displayed for 12 years at a museum in Germany which claimed it was Liberace's own. The car is now going up for sale by Barons' at the Sandown Park horse racing track in Surrey, England, on September 17, when bidding starts at 85,000 pounds - equivalent to over $130,000 at today's rates.

GM Super Cruise is evolving into Ultra Cruise, for hands-off city driving

GM has a "big team" working on an advanced version of its hands-free driving assistance system, Super Cruise, that will expand its capability beyond highways and apply it to city streets, the automaker's vice president of global product development Doug Parks said Tuesday. GM is also continuing to improve its existing Super Cruise product, Parks said during a webcasted interview at Citi’s 2020 Car of the Future Symposium. "As we continue to ratchet up Super Cruise, we continue to add capability and not just highway roads," Parks said, adding that a separate team is working on the hands-free city driving product known internally as "Ultra Cruise." "We're trying to take that same capability off the highway," he said. "Ultra cruise would be all of the Super Cruise plus the neighborhoods, city streets and subdivisions. So Ultra Cruise's domain would be  essentially all driving, all the time." Parks was quick to add that this would not be autonomous driving. Advanced driving assistance systems have become more capable, but they still require a human driver to take control and to be paying attention. "What we're not saying is that Ultra Cruise will be fully autonomous 100% of the time, although that could be one of the end games," Parks said. Parks didn't provide a timeline for when Ultra Cruise might be available. A GM spokesperson said in a statement after his interview that the company continues to expand its hands-free driver assistance system technology across its vehicle portfolio and has "teams looking at how we can expand the capabilities to more scenarios." GM said it "does not have a name or anything specific to announce today, but stay tuned." This new Ultra Cruise feature would put it in competition with Tesla's Autopilot advanced driving system, which is largely viewed as the most capable on the market today. Tesla's "full self-driving" package, a more capable version of Autopilot, can now identify stop signs and traffic lights and automatically slows the car to a stop on approach. This feature is still considered to be in beta. GM's Super Cruise uses a combination of lidar map data, high-precision GPS, cameras and radar sensors, as well as a driver attention system, which monitors the person behind the wheel to ensure theyÂ’re paying attention. Unlike TeslaÂ’s Autopilot driver assistance system, users of Super Cruise do not need to have their hands on the wheel. However, their eyes must remain directed straight ahead.